ALBANY, N.Y. (9/21/15)--The Truth in Lending (TILA) and the Real Estate Settlement Procedures Acts (RESPA) were among the topics addressed at the New York Credit Union Association's (NYCUA) 2015 Compliance and Legal Conference last week.
The session began Tuesday with a labor and wage update from attorney John M. Bagyi of the law firm Bond Schoeneck & King, PLLC. The session focused on employment law developments, wage and salary updates, and important changes in state law regarding medical marijuana.
Following Bagyi's presentation, NYCUA Deputy General Counsel Henry Meier discussed recent court decisions that have had an impact on credit unions. During the session, attendees heard about rulings that expand the rulemaking power of the National Credit Union Administration, a ruling restricting the ability of Chapter 7 debtors to walk away from debts, and a ruling establishing new rules for credit card surcharges.
The learning sessions wrapped up Tuesday afternoon with a product demonstration by Ken Wolff, CEO of AffirmX, a provider of risk-and-compliance solutions and a NYCUA partner. The day concluded with a networking reception sponsored by AffirmX.
On Wednesday attendees received a compliance update from Mike Carter, NYCUA vice president of compliance, who focused on changes TILA and RESPA.
Security expert Dan Didier, founder of NetSecureIA and chief security strategist at GreyCastle Security reviewed several recent data breach victims and discussed incident response processes. He also highlighted some of the law enforcement, forensics, legal, regulatory and public relations issues credit unions should consider in the event of a data breach.
The conference concluded with a legal update from Mike Lanotte, NYCUA senior vice president/general counsel. In addition to speaking on “hot topic” issues--including virtual currency, mortgage foreclosure reform, financial elder abuse reporting and zombie property initiatives--Lanotte provided attendees with an open forum to ask questions and share ideas.